The costs of buying  -  Mortgage guarantee policy

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The costs of buying - Mortgage guarantee policy


The building society legal fees shown in the table are estimated on the basis of a loan of 80% of the purchase price. If you are borrowing more than this, the lender will want you to take out a mortgage guarantee policy. If you are looking for, say, 95% of the purchase price, it is likely to cost up to £160 for the £115,000 property, £1100 for the £125,000 property and £1145 for the £135,000 property. You may be able to add this to your mortgage and repay it over 25 years -or you may be asked to pay it in a lump sum.


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The costs of buying - Property insurance


One of the conditions of the mortgage, generally speaking, is that your house (the building society's security) is properly insured. Most societies will also stipulate a figure that the place must be insured for; in many cases this will be well in excess of the purchase price. It doesn't necessarily mean you've got a bargain, but the insurance has to cover full replacement cost of the property.

If you are buying a flat, the place is probably already covered by insurance arranged through the freeholders or their agents, in which case the lender will require proof that the building is covered and that the sum is sufficient.

If you are buying a house, procedures vary among lenders. Most will arrange the insurance under a 'block policy' covering . . .... see: The costs of buying - Property insurance


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.